Immuron Limited (IMRN) saw its stock soar 54% in premarket trading on Wednesday after the Australian biopharmaceutical company announced that it had obtained a $4.5 million (AUD 6.2 million) award from the US Department of Defense to test Travelan for military usage.
IMRN stock was valued at $4.01 at 08:41 a.m. EST, an increase of $1.48. On Tuesday, the stock closed trading at $2.6. The market capitalization of the company was $15.16 million.
The full-day average of roughly 60,500 shares was surpassed by 1.3 million shares traded.
The award will be used to test the efficacy of a single larger dose regimen of Travelan for the treatment of moderate to severe diarrhea caused by enterotoxigenic Escherichia coli (ETEC), as well as its antiviral activity against SARS-CoV-2; and IMM-529, which is currently in clinical development, will treat patients with clostridium difficile infection.
“This new project expands our clinical development program and represents the first of several significant clinical trials which the Company expects to undertake with the US Military in 2022. The new funding is testament to the value proposition our hyperimmune bovine polyclonal colostrum technology offers to benefit the US Military as well as the civilian international travelling population.”Immuron Chief Executive Jerry Kanellos
Over the last three months, the stocks have lost 30.1 percent, while the iShares Biotechnology ETF IBB has lost 7.2 percent, and the S&P 500 SPX has gained 8.3 percent.
Immuron also has a collaboration agreement with the Walter Reed Army Institute of Research to develop an oral therapy for shigellosis and a research agreement with the Naval Medical Research Center to develop and clinically test a therapeutic targeting Campylobacter and ETEC infections.
Immuron Limited is a biopharmaceutical firm that develops, manufactures, and sells polyclonal antibodies in Australia, the United States, and worldwide. Research and Development and Hyperimmune Products are the company’s two segments. It is based in Carlton, Australia, and was founded in 1994.